• US lawmakers introduce bill to restructure SEC and remove Chairman Gary Gensler
• US and UK lawmakers to hear arguments around crypto regulations on June 13
• Crypto gaming sector hit hard as Nexo outperforms tokens listed in SEC lawsuits
US Lawmakers Aim to Restructure the SEC
US lawmakers have proposed a bill that would restructure the Securities and Exchange Commission (SEC) and remove its current Chairman, Gary Gensler. The restructuring of the agency is seen as a way of providing more clarity for the digital asset ecosystem.
Arguments Around Crypto Regulations Heard by US and UK Lawmakers
On June 13th, both the United States and United Kingdom will host high-profile hearings on cryptocurrency regulation. The UK Parliament will be debating the findings of an All-Party Parliamentary Group report on cryptocurrency regulation, while the House Committee on Financial Services will be hosting a hearing titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” in Washington DC. These debates are seen as pivotal moments in ongoing discussions over digital asset regulation.
Bitcoin Trades at Premium on Binance US
Due to recent regulatory hostilities towards cryptocurrencies, Bitcoin has been trading at a premium rate on Binance US due to low liquidity levels. This is having a knock-on effect in other areas, with the crypto gaming sector being hit particularly hard as Nexo outperforms many tokens listed in SEC lawsuits.
SEC Hostilities See Bitcoin Dominance Spike
The continued hostility from regulators towards cryptocurrencies has seen Bitcoin’s dominance spike to 111-week high levels. This indicates that investors are feeling uncertain about which direction digital currencies are headed and are turning away from altcoins and back towards BTC instead.
June 13th marks an important day in terms of cryptocurrency regulation, with elected officials from both sides of the Atlantic bringing their own perspectives into public discussions. Furthermore, recent regulatory hostilities have led to increased Bitcoin dominance as investors become uncertain about which direction digital currencies are headed in next.